The Depository Trust and Clearing Corporation has published
what is perhaps the first comprehensive official numbers on the global
credit default swap market including the top 1000 reference names. The
top 1000 names accounts for over 95% of the market by gross notional
value and a little less than 90% by net notional value. Entry into
this list is a measure of how important an entity is in global fixed
income markets, but this is not a list that entities are eager to get
into (many of the top names on this list are shaky sovereigns and
shakier financials!).

I could spot four Indian entities in this list (ICICI, Reliance
Industries, State Bank of India and Corus) in the middle of the
list (ICICI is actually in the top 500). The top Indian names also
serve as sovereign proxies and therefore the numbers must be
interpreted with some care.